President Donald Trump’s eldest sons are involved in a new business venture aimed partly at “revitalizing American manufacturing” as their father pursues protectionist economic policies with the same goal.
New America Acquisition I Corp, a blank-check firm backed by Eric Trump and Donald Trump Jr., on Aug. 4 filed for an initial public offering of up to $300 million.
The special purpose acquisition company, a vehicle previously used by the family to launch firearms retailers and media firms, aims to merge with businesses headquartered or primarily operating in the U.S., it said in a filing.
The filing declares the firm is pursing mergers with one or more companies valued at $700 million or more “that play a meaningful role in revitalizing domestic manufacturing, expanding innovation ecosystems and strengthening critical supply chains.”
“Our objective is to target businesses that are not only well-positioned for long-term, sustainable growth, but also deeply aligned with the advancement of U.S. industrial capacity, technological leadership and innovation, and economic resilience,” according to the filing.
The Trump administration is pursuing an aggressive tariff program on goods coming into the United States, and there are levies on many manufactured products. Trump has encouraged companies to move their manufacturing to the United States.
The new SPAC, incorporated in Florida, is the latest Trump family business in a sector the president is seeking to boost.
The family is involved in crypto ventures, including a 60% stake in crypto platform World Liberty Financial, working to profit on crypto while the Trump administration pursues favorable policies for the industry.
Eric and Trump Jr. will both serve on the advisory board for New America, receiving a combined 5 million shares in the company.
Media veteran Kevin McGurn will lead the company.
SPACs are shell companies that use their IPO proceeds to merge with a private company, thereby taking it public while avoiding the regulatory scrutiny of a traditional listing.
New America said it would offer 30 million units in its IPO priced at $10 each, aiming to list on the New York Stock Exchange.
Contributing: Reuters
This article originally appeared on USA TODAY: Donald Trump Jr, Eric Trump back new manufacturing firm
